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CashCade founders create new venture

cashcadeThe three men responsible for founding online bingo operator CashCade Limited are soon set to list a new mobile and social gaming venture on the Alternative Investment Market (AIM) of the London Stock Exchange.

Gaming Realms is being launched by Patrick Southon, Michael Buckley and Simon Collins via a £12m reverse takeover of technology firm Pursuit Dynamics and will incorporate social games operator BeJig, mobile developer AlchemyBet and the new Bingo Godz mobile-focused bingo brand due to launch in September.

CashCade was sold to giant online gambling operator digital entertainment for £96m in 2009 and Southon is to now serve as chief executive officer for Gaming Realms assisted by Collins as executive director and Buckley as chairman. The new venture hopes to raise £3.4m through the sale of new shares before beginning operations in the second half of the year.

“The initial strategy of the business will be to establish itself within the bingo and casino segment of the social gaming market as well as launch real-money bingo and casino games in the UK regulated market,” said Buckley.

“Over the longer term we will be looking to either acquire or develop and launch freemium and real-money social and gambling games across multiple platforms.